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Senbo Industries

BSE: 532021|ISIN: INE792C01010|SECTOR: Pharmaceuticals
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VOLUME 31
Senbo Industries is not listed on NSE
Mar 13
Accounting Policy Year : Mar '14
1.1 BASIS OF ACCOUNTING
 
 The financial statements are prepared under the historical cost
 convention, on accrual basis of accounting (save and except bonus and
 gratuity payment) in accordance with the Indian Generally Accepted
 Accounting Principles (GAAP), applicable Accounting Standards notified
 by Companies (Accounting Standards) Rules, 2006. The Accounting
 policies are consistently applied by the Company.
 
 1.2 USE OF ESTIMATE
 
 The preparation of financial statements in conformity with Indian GAAP
 which requires the management to make estimated assumptions that affect
 the reported amount of assets and liabilities and disclosure of
 contingent liabilities at the date of the financial statements and the
 results of policies during the reporting period. Although these
 estimates are based upon managements'' best knowledge of current events
 and activities, actual results could differ from these estimates.
 
 1.3 FIXED ASSETS
 
 Fixed Assets are stated at cost, less accumulated depreciation and
 impairment loss, if any. Cost includes all expenditure related to
 acquisition and installation.
 
 1.4 DEPRECIATION
 
 (a) Depreciation of fixed assets is provided on straight line basis at
 the rate specified in Schedule XIV of the Companies Act,1956, as
 amended up to date.
 
 (b) Depreciation on asset purchased/acquired/installed during the year
 is charged from the date of such event . Similarly depreciation on
 assets sold/discarded during the year is charged upto the date of the
 event.
 
 1.5 IMPAIRMENT
 
 Fixed assets are reviewed at each Balance Sheet date for impairment. In
 case events and circumstances indicate any impairment, recoverable
 amount of fixed assets is determined. An impairment loss is recognized,
 whenever the carrying amount of the assets either belonging to the Cash
 Generating Unit (CGU) or otherwise, exceeds recoverable amount. The
 recoverable amount is the greater of net selling price of the assets or
 its value in use.
 
 1.6 INVENTORIES
 
 Inventories of raw materials, packaging materials, fuel, stores &
 spares valued at lower of procurement cost (weighted average basis) and
 net realisable value.
 
 1.7 BORROWING COSTS
 
 Borrowing costs that are attributable to the acquisition or
 construction of fixed assets are capitalized as part of cost of such
 assets. All other borrowing costs are charged to revenue.
 
 1.8 REVENUE RECOGNITION
 
 Revenue arising out of sale of products is recognized upon passage of
 title to the customers, which generally coincides with their delivery.
 
 1.9 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
 
 (a) A provision is recognised when the company has a present obligation
 as a result of past events and it is probable that an outflow of
 resources will be required to settle the obligation, in respect of
 which a reliable estimate can be made. Provisions are determined based
 on best estimate required to settle the obligation at the balance sheet
 date. These are reviewed at each balance sheet date and adjusted to
 reflect the current best estimate.
 
 (b) Contingent liabilities are disclosed by way of notes to accounts.
 
 (c) Contingent Assets are not recognised except for the purpose of
 settlement of dispute / claim.
 
 1.10 SEGMENT-WISE REPORTING
 
 Not applicable since at present there are no business activities of the
 Company.
 
 1.11 EMPLOYEE BENEFITS
 
 (a) Defined contribution to provident fund and employee state insurance
 are charged to profit & loss account of the year when the contributions
 to the respective funds are due.
 
 (b) Bonus and Gratuity is accounted for as and when disbursed.
 
 1.12 EARNING PER SHARE
 
 Basic earning per share is calculated by dividing the net profit or
 loss after tax and include post tax effect of any extra-ordinary item
 for the period attributable to equity shareholders by the weighted
 average number of equity share outstanding during the period. The
 weighted average number of equity shares as outstanding during the
 period are adjusted for event including a bonus issue, bonus element in
 a right issue, split of shares or reverse split (i.e. consolidation of
 shares) etc. made during the year.
 
 1.13 PROVISION FOR TAXATION
 
 (a) Net Profit (Loss) is arrived at after considering current and
 deferred tax.
 
 (b) A provision is made for the current tax based on tax liability
 computed in accordance with relevant tax rates and tax laws. A
 provision is made for deferred tax for all timing differences arising
 between taxable income and accounting income at current rate of taxes.
 
 (c) Deferred tax assets are recognised only if there is reasonable
 certainty that they will be realized and are reviewed at each balance
 sheet date.
 
 1.14 FOREIGN CURRENCY TRANSACTION
 
 Where applicable foreign currency transactions are accounted for at the
 exchange rate prevailing at the transaction date. Year end assets and
 liabilities in foreign currency are translated at the applicable year
 end exchange rates and the resultant difference is recognised as gain /
 loss for the year.
Source : Dion Global Solutions Limited
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